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- Climb's M&A Weekly: Thoma Bravo, DoorDash, and TPG all feature
Climb's M&A Weekly: Thoma Bravo, DoorDash, and TPG all feature
Thoma Bravo invests in HubSync and DoorDash makes two acquisitions
Nick @ Climb
May 11, 2025
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Welcome back to the Climb Advisors weekly newsletter with five deals from across the B2B tech landscape.
Climb Advisors focuses on sell-side advisory for B2B Software and services companies generating $5m-$15m in revenue. We also advise on credit solutions for companies of the same profile & in select cases engage in retained buy-side processes for quality buyers. We love to talk markets and make introductions - please don’t hesitate to reach out if you’re a founder or investor looking to transact.
Thoma Bravo invests $100 million in HubSync
Overview: Thoma Bravo invests $100 million in HubSync, a tax and accounting platform. HubSync makes accounting simpler and more efficient by automating much of the workflows. HubSync;s customer base includes CPA firms all over the country and the company has seen its customer base grow by 100% over the past year. Read more here.
Climb Comment: In a space where 85% of CPA firms use five or more software solutions, HubSync’s all-in-one platform has distinct advantages. We’ve seen that platforms offering an end-to-end solution are looking very attractive to the market at the moment. HubSync has seen its revenue grow 744% from 2020 to 2024 with profitability improving also. Thoma Bravo is looking to continue this growth trajectory and accelerate product development across HubSync.
DoorDash acquires Deliveroo, a food delivery service
Overview: DoorDash purchases the London-based food delivery service, Deliveroo. The agreement says DoorDash will pay 180 pence per share. DoorDash has seen rapid growth in its European presence over the past few years. The purchase of Deliveroo expands its reach into the nine European countries that Deliveroo currently operates in. Read more here.
Climb Comment: Eight years ago, DoorDash entered Europe through its acquisition of Wolt for $8 billion. DoorDash gains more access to Europe including the UK, where Deliveroo controls ~⅓ of the market share. Deliveroo’s sale price has an EV of £2.4 billion and with an adjusted EBITDA of £130 million, DoorDash paid ~18.5x adj. EBITDA for Deliveroo. Deliveroo expects adjusted EBITDA of £180 million for FY2025, representing ~13x FWD adj. EBITDA. In 2024, Deliveroo’s adj. EBITDA grew 52% YoY with just a 3% increase in revenues. It was also the first positive FCF year for Deliveroo.
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TPG and Corpay acquire AvidXchange for $2.2 billion
Overview: Corpay, a corporate payments company, makes a minority investment in AvidXchange Holdings in a take private deal alongside TPG. AvidXchange is a provider of Accounts Payable automation solutions to middle market companies. Corpay acquires a minority stake in the deal, while TPG acquires a majority stake. Read more here.
Climb Comment: The purchase price of $10 per share represents a 22% premium to AvidXchange’s closing share price on March 6th. Corpay acquires 33% of the company for $500 million, valuing the equity of the company at $1.5 billion. AvidXchange has an EV of ~$1.2 billion and 2024 adj. EBITDA of ~$85 million, meaning TPG and Corpay paid ~14x 2024 adj. EBITDA. Payment volume and revenue growth have been promising for AvidXchange and the company’s focus on margin expansion seems to be paying off.
DoorDash makes another acquisition of SevenRooms
Overview: DoorDash announces another deal, this time the acquisition of SevenRooms, a software company focused on hospitality. SevenRooms has CRM and guest experience tools that will be integrated into DoorDash’s commerce platform. These tools allow restaurants and hotels to streamline operations and increase revenues while maintaining an excellent customer experience. Read more here.
Climb Comment: The acquisition of SevenRooms expands the capabilities of DoorDash’s commerce platform, with the goal of helping merchants increase sales and profitability. DoorDash is paying $1.2 billion in all cash for SevenRooms. DoorDash announced earnings this week and missed analysts estimates for revenues causing the stock price to fall 5% after the announcement. The company is continuing to see strong top and bottom line growth despite the revenues miss.
Blue Yonder acquires an emissions management platform
Overview: Blue Yonder, an end-to-end digital supply chain platform, acquires Pledge Earth Technologies, a supply chain sustainability platform for beneficial cargo owners, enterprise supply chains, and logistics service providers. Pledge’s solutions allow their customers to try and meet their sustainability and emissions goals. Read more here.
Climb Comment: Blue Yonder’s existing customers have the ability to add Pledge’s many sustainability solutions through this deal. Pledge allows industries like shipping to automate their emissions tracking. As countries continue to chase net zero emissions, solutions like Pledge’s will be in high demand, and Blue Yonder figures to be at the forefront of the movement.
Article of the week
This week we’re sharing Horizon Kinetics first quarter commentary. Led by Murray Stahl, Steven Bregman, and Peter Doyle, Horizon Kinetics is investing in the AI boom in a very different way than most. Horizon Kinetics was one of the first asset managers to invest in Texas Pacific Land Corp. (TPL) and Bitcoin, both of which have done historically well over the last decade. Always an interesting read and a few off-the-beaten path stock recs in this one which may be worth looking into.
Thanks for following along & hope you found something useful or interesting. Please don’t hesitate to reach out if you’re considering a sale this year - we’re always glad to chat & share perspective.
All the best,
Nick